Q2-2026 Client Commentary

Quarterly Investment Commentary – Q2 2026

Dear Clients and Friends,

Enclosed you will find your portfolio update for a near record 2^nd Quarter that saw markets advance following a down first quarter in the major indices (S&P 500, Nasdaq, and EAFE). While markets continue to react to a steady stream of headlines, we believe the most important driver of performance this period can be summarized in one question:

How do I invest today to be more productive tomorrow?

That question is not new to anyone familiar with Wisconsin’s economy. Local farmers make it every season when they purchase seed, fertilizer, feed, and equipment long before harvest results are known. What has changed is that farmers and people like you and me have all been empowered to make those formerly slow, seasonal decisions at a much faster pace and frequency. As every farmer knows, standing still is never the right strategy. That same mindset is now driving a large portion of corporate investment.

Across the economy, companies large and small are committing significant capital to artificial intelligence and productivity infrastructure, cumulatively totaling billions of dollars.. These investments extend well beyond just updating software. They include semiconductors, data centers, power generation, networking equipment, and industrial automation. The common objective is simple: to become more productive, self-sufficient, and efficient at breakneck speed.

As NVIDIA CEO Jensen Huang recently noted, we are now in an era where “AI is here; profitable AI is here” and the focus has shifted from possibility to deployment. In other words, the question is no longer whether AI works, but how quickly it can be embedded into real business processes to improve productivity and profitability.

This cycle has reopened the initial public offering (IPO) pipeline as innovative companies in every area you can think of, not just technology firms, benefit from this productivity revolution. Highly anticipated private companies such as SpaceX, Cerebras, and Fervo Energy reflect a similar pattern: years of heavy upfront investment in pursuit of long-term productivity, scale, and economic return. While each recent IPO mentioned operates in a different industry, space transport, data center chips, and geothermal energy, they share a common principle—investing today for capabilities that will matter for decades.

Stated again, standing still is not the best strategy. This pertains to both companies and humans. Companies and people are prone to go through periods of inertia and taking that first disciplined step forward is always the hardest one. 

We at Wisconsin Capital Management look forward to seeing you in person or virtually this next quarter to both review what you currently have and tailor it to your personal growth goals going forward.

We appreciate the trust you place in Wisconsin Capital Management and remain committed to stewarding your capital with that long-term perspective.

Sincerely,

The information presented in this newsletter is the opinion of Wisconsin Capital Management, LLC and does not reflect the view of any other person or entity.  The information provided is believed to be from reliable sources, but no liability is accepted for any inaccuracies.  This is for information purposes and should not be construed as an investment recommendation.

 Economic factors, market conditions, and investment strategies will affect the performance of any portfolio and there are no assurances that it will match or outperform any particular benchmark.

 Opinions expressed are those of the author and are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice.

Past performance is not indicative of future performance, and all investments are subject to risk of loss. See Wisconsin Capital Management’s Form ADV Part 2A and Form CRS at https://www.wiscap.com/ for additional information about our business practices and conflicts identified.

Advisory services offered through Wisconsin Capital Management, LLC, an Investment Advisor registered with the U.S. Securities & Exchange Commission.

All registered investment advisers have the same fiduciary duty as Wisconsin Capital Management, LLC.